Graham Corporation Announces Strategic Investment by Customer to Expand Production Capabilities in Batavia
August 07 2023 - 6:30AM
Business Wire
Graham Corporation (NYSE: GHM) (“GHM” or “the Company”), a
global leader in the design and manufacture of mission critical
fluid, power, heat transfer, and vacuum technologies for the
defense, space, energy, and process industries, today announced
that it has recently been awarded a $13.5 million strategic
investment from one of its customers to expand and enhance GHM’s
Batavia production capabilities for complex components. The
investment enables Graham’s efforts to timely deliver components
including a recently placed order totaling $8.5 million.
Daniel J. Thoren, President and CEO commented, “We believe the
investment is a testament to the significant progress we have made
engineering and manufacturing complex components while meeting the
highest quality standards and demonstrating our commitment to
delivering on schedule. We are recognized as a critical supplier to
the U.S. Navy and believe the investments and advancements we have
made over the past year are clearly acknowledged by our customer
with this investment. We are excited to be a part of the team that
is dedicated to meeting the U.S. Navy’s requirements for reducing
design and manufacturing costs and improving ship capability.”
The strategic investment creates opportunities to support
future, multi-year orders with potential revenue expected to begin
in 2026.
About Graham Corporation
GHM is a global leader in the design and manufacture of mission
critical fluid, power, heat transfer and vacuum technologies for
the defense, space, energy, and process industries. The Graham
Manufacturing and Barber-Nichols’ global brands are built upon
world-renowned engineering expertise in vacuum and heat transfer,
cryogenic pumps, and turbomachinery technologies, as well as its
responsive and flexible service and the unsurpassed quality
customers have come to expect from the Company’s products and
systems.
Graham Corporation routinely posts news and other important
information on its website, grahamcorp.com, where additional
information on Graham Corporation and its businesses can be
found.
Safe Harbor Regarding Forward Looking Statements
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are subject to risks, uncertainties and
assumptions and are identified by words such as “expects,”
“opportunities,” “believes,” “potential,” and other similar words.
All statements addressing operating performance, events, or
developments that Graham Corporation expects or anticipates will
occur in the future, including but not limited to, winning
potential future or multi-year orders, increasing production
efficiency, potential revenues and timing of such revenues,
capacity, and delivering timely or otherwise on schedule are
forward-looking statements. Because they are forward-looking, they
should be evaluated in light of important risk factors and
uncertainties. These risk factors and uncertainties are more fully
described in Graham Corporation’s most recent Annual Report filed
with the Securities and Exchange Commission, including under the
heading entitled “Risk Factors,” its quarterly reports on Form
10-Q, and other filings it makes with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize or should any of Graham Corporation’s underlying
assumptions prove incorrect, actual results may vary materially
from those currently anticipated. In addition, undue reliance
should not be placed on Graham Corporation’s forward-looking
statements. Except as required by law, Graham Corporation disclaims
any obligation to update or publicly announce any revisions to any
of the forward-looking statements contained in this news
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230807382332/en/
Christopher J. Thome Vice President - Finance and CFO Phone:
(585) 343-2216
Deborah K. Pawlowski Kei Advisors LLC Phone: (716) 843-3908
dpawlowski@keiadvisors.com
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